Supply constraints allow landlords to raise rent
by Gemma Roskell
Residential landlords are able to make rent increases
at the moment because of tightening supply in the lettings market, it has been suggested.
Mark Garner, director and founder of LettingZone, said good quality properties are letting very quickly compared to this time last year.
He explained that many existing tenants are staying in rented accommodation while they wait for house prices to fall further.
The expert claimed that all areas of the private residential market are "buoyant" at the moment as properties are in short supply across the board.
"Landlords can probably easily achieve another three to five per cent on the rent level of a year ago," he remarked.
According to the latest FindaProperty rental index, asking prices for rental properties were 2.3 per cent higher in the second quarter of the year than they were in the first quarter.
The average monthly rent now stands at £839, up from £820 in March.
- Landlord and Tenancy News from Lawpack: Solicitor-approved Rent Increase Notice (Section 13) with expert guidance on how to complete the legal form
Published on: August 23, 2010
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